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A thread with trading wisdom and rules I've picked up over time and I remind myself of every day. I collected them mostly from books and Twitter. So in most cases, I am not the author! But I may have changed / freely quoted and added my own thoughts.
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Prevent the compounding of negative experiences at all costs. A good example is trying to "make it back" which will most likely lead to more negative experiences and drag yourself into a dark place. This often happens completely unconsciously until after the fact.
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You're a risk manager. Take care of the downside and the upside will take care of itself.
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Each trade is mutually exclusive, regardless of the outcome of your previous trades.
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Failure is just feedback. Treat your losses accordingly and shift your mindset if you have a negative relationship with being wrong in an environment where the only certainty is that you will be wrong on a regular basis.
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Inner focus, self reflection, mindfulness. Be present, focus on your craft and have a long-term approach. Believe in yourself!
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Successful trading is mostly done in the space between trades. Have patience. Most of the time it's about the things you don't do.
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Big trades are easy, but not trading is hard. 90% of the time nothing worthwhile is delivered, but in 10% of the time you make 90% of your profits.
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Be aware of the opportunity loss and the resulting negative impact if you distract yourself with minor and impulsive trades.
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Evaluate your trades not only in terms of financial capital, but also in terms of your mental capital.
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Wait until you notice the money lies right in front of you, ready to be picked up, and do nothing in the meantime.
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Keep an error log ( @Trader_Dante calls it daemon finder) that will help you eliminate the trades that eat up your profits. This will have a big impact on your bottom line.
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Know your personal baseline. For example be aware of your personal tendency to self-regulate after good periods.
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Good decision making always comes from a calm and collected state of mind. Be mindful of your current state and recognize when you are unable to perform at peak levels.
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Trust your gut, but don't listen to the voice in your head. There is a difference.
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Meditation helps with most of the above. As often stated trading is largely a mental game. Not only be aware of that fact, but study yourself like you study your setups...
... Recognize when you are in flow state, and also know when you're not. And only when you have the strength to act on this awareness you will succeed.
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